Show that in the model with an exogenous number of firms, the second-order conditions for profit maximum
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Show that in the model with an exogenous number of firms, the second-order conditions for profit maximum are satisfied. Show that these cost functions satisfy assumptions 5.1 and 5.2.
assumption 5.1
assumption 5.2
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To show that the secondorder conditions for profit maximization are satisfied in the model with an exogenous number of firms we must consider the properties of the firms cost function with respect to ...View the full answer
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